New twist in SCA acquisition bid


Three of Southern Cross Austereo’s biggest shareholders have reportedly launched an intervention to remove the company’s chairman, board and management.

The Australian Financial Review article (subscription required) says this latest development follows slow progress evaluating a takeover offer from radio rival ARN Media.

The newspaper reports “Late on Thursday night, Spheria Asset Management said it would call for an extraordinary general meeting, with fellow Southern Cross major shareholders Allan Gray and Ubique Asset Management supporting a push to remove the board. Together, they account for more than 25 per cent of the share register. ARN, which owns 14.8 per cent, is expected to support the push.”

It comes less than six months after ARN put in an acquisition bid for SCA.

The paper says SCA has been contacted for a response.

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1 Mar 2024 - 10:23 am

SCA have been dragging their feet trying to boost their profitability numbers. Shareholders want the cash out.

Bennie Gee
1 Mar 2024 - 12:58 pm

If I wasn’t a shareholder, I’d be getting out the popcorn. Instead, I look on with frustration!

1 Mar 2024 - 1:38 pm

ARN shareholders must be getting nervous! Spending all this money on K&J and now a takeover.

Makes you think
1 Mar 2024 - 2:07 pm

A lot of good people will lose there jobs if this goes through, don’t get me wrong there will be a lot of people who deserve it too that have been dragging SCA down for years.

2 Mar 2024 - 7:40 am

The per market ownership limits will activate again.

Arn just went through this with buying grant stations causing Brisbane to loose 4kq.

This won’t go well.

Waiting waiting waiting
2 Mar 2024 - 10:00 am

Ah Singtel
I little investigation in your behalf might reveal that actually ARN are dragging their feet. SCA is (still) waiting for their financials as part of the legally required due diligence. The whole point is to determine if the New company is better Value to shareholders than the current one. The ball is in ARNs court

2 Mar 2024 - 11:19 am

Dear Radio Today,
May be worth you updating the article with the correct information as clarified by SCA in their media release yesterday published on their website. Not all what AFR reports


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